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Blockchain, a believer has fallen on his sword


blockchain

The world of blockchain has spawned the bitcoin jungle and bitcoin has made blockchain.

The underlying technology of the blockchain created Bitcoin, and people speculating on the price of Bitcoin set the blockchain on fire.

It's just that most leeks don't realize that the blockchain they're investing into is really just bitcoin.

The desire to get rich has allowed Bitcoin to cross over from elite communities to township weenies, and he has devotees all over the world.

However, even so, aside from the ups and downs in price, Bitcoin can't tell a good story, and the blockchain still doesn't have a good story.

So, more and more people are realizing that there is fraud in the blockchain.

The Over-Mythologized Blockchain

The blockchain's distributed ledger makes ledger-recorded data stable, and stable data is often trustworthy. Centralized data is not trusted because the person in control always holds the authority to modify the data, and it is very complicated for others to plead their case, or even not have the authority to do so.

decentralization

However, we all overthink the problem and overmythologize this decentralization concept.

In fact, one of the drawbacks of the blockchain has already been pointed out: the so-called ledger on the blockchain, if the data is wrong to begin with, then all the data on the chain is wrong and it becomes impractical to even try to correct it. In this way, we in turn need a centralized agency to help us with corrective operations.

Because of this over-mythologized decentralization, regulators of the system have always been wary of blockchain, and the only targets that can be targeted are virtual currencies like Bitcoin, and the ICOs that follow the morphing, which can seem untargeted even if they want to target other areas.

In addition to the drawbacks of decentralization, issues such as block capacity, transaction costs, time costs, and not being absolutely secure (future quantum computing could break the hash function in 60 seconds) are all seen by industry awareness.

There are believers who are analyzing the blockchain more sensibly, and there are frustrated investors (in Bitcoin) who are starting to proliferate.

The cost of trust is always expensive

There is always a cost to maintaining trust

The cost of trust is high in most of our trading environments. To reduce this cost of trust, we often need to accomplish this through a range of means, such as vigorous development of education and the establishment of legislative oversight mechanisms, including new technology-aided mechanisms (blockchain also counts as one), which are also hugely costly.

Thus centralized institutions still have their place.

At the moment we do also expect these institutions to be more efficient in running their businesses to reduce the cost of trust and even fix mistakes to eliminate the crisis of trust.

Accordingly, I still do not see the fate of banks and other institutions being replaced by blockchain. Instead, we see a lot of banks as well as big tech companies building their own blockchain projects or products with the centralized nature.

The advantage of them operating a blockchain is that a product run by an institution that appears to be more reliable in the community using a centralized blockchain model is often more controllable and more credible.

Major banks around the world are now accelerating their presence in the blockchain space, but hopefully, soon, we will be able to tell better those wonderful good stories of blockchain.


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